First Citizens Bank & Trust Co. acquired a new position in shares of Ingersoll-Rand PLC (NYSE:IR) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 19,535 shares of the industrial products company’s stock, valued at approximately $1,998,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Seven Eight Capital LP grew its holdings in Ingersoll-Rand by 557.5% in the third quarter. Seven Eight Capital LP now owns 125,484 shares of the industrial products company’s stock worth $12,837,000 after purchasing an additional 106,400 shares during the period. Fenimore Asset Management Inc. grew its holdings in Ingersoll-Rand by 8.7% in the third quarter. Fenimore Asset Management Inc. now owns 332,136 shares of the industrial products company’s stock worth $33,977,000 after purchasing an additional 26,476 shares during the period. Oakbrook Investments LLC grew its holdings in Ingersoll-Rand by 37.7% in the third quarter. Oakbrook Investments LLC now owns 29,015 shares of the industrial products company’s stock worth $2,968,000 after purchasing an additional 7,950 shares during the period. Aperio Group LLC grew its holdings in Ingersoll-Rand by 2.9% in the third quarter. Aperio Group LLC now owns 187,222 shares of the industrial products company’s stock worth $19,153,000 after purchasing an additional 5,312 shares during the period. Finally, BB&T Corp grew its holdings in Ingersoll-Rand by 5.2% in the third quarter. BB&T Corp now owns 43,924 shares of the industrial products company’s stock worth $4,493,000 after purchasing an additional 2,161 shares during the period. Institutional investors own 79.94% of the company’s stock.
Shares of NYSE IR opened at $96.24 on Friday. The stock has a market cap of $23.92 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.31. Ingersoll-Rand PLC has a 1 year low of $79.63 and a 1 year high of $105.76. The company has a quick ratio of 0.93, a current ratio of 1.30 and a debt-to-equity ratio of 0.55.
Ingersoll-Rand declared that its board has authorized a share repurchase plan on Wednesday, October 3rd that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the industrial products company to purchase up to 6% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 7th will be issued a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, December 6th. Ingersoll-Rand’s dividend payout ratio is currently 47.01%.
In related news, SVP Paul A. Camuti sold 1,800 shares of the firm’s stock in a transaction dated Wednesday, July 25th. The shares were sold at an average price of $95.00, for a total transaction of $171,000.00. Following the transaction, the senior vice president now directly owns 59,290 shares of the company’s stock, valued at $5,632,550. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jared L. Cohon sold 2,663 shares of the firm’s stock in a transaction dated Thursday, July 26th. The shares were sold at an average price of $97.30, for a total transaction of $259,109.90. Following the transaction, the director now directly owns 24,153 shares in the company, valued at $2,350,086.90. The disclosure for this sale can be found here. Insiders have sold 36,969 shares of company stock valued at $3,646,048 over the last quarter. Corporate insiders own 0.70% of the company’s stock.
A number of equities research analysts have commented on the stock. Credit Suisse Group assumed coverage on shares of Ingersoll-Rand in a report on Friday, October 12th. They issued an “outperform” rating and a $108.00 price target for the company. JPMorgan Chase & Co. upgraded shares of Ingersoll-Rand from a “neutral” rating to an “overweight” rating in a report on Friday, September 21st. Cowen restated a “buy” rating and issued a $115.00 price target on shares of Ingersoll-Rand in a report on Monday, September 10th. UBS Group raised their price target on shares of Ingersoll-Rand from $108.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, August 30th. Finally, Morgan Stanley initiated coverage on shares of Ingersoll-Rand in a report on Monday, August 20th. They set an “overweight” rating and a $111.00 price objective for the company. Four investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $109.42.
Ingersoll-Rand Company Profile
Ingersoll-Rand plc designs, manufactures, sells, and services industrial and commercial products. It operates through Climate and Industrial segments. The Climate segment offers building management, bus, rail, and multi-pipe HVAC, control, container and cryogenic, diesel-powered, ductless, geothermal, package heating and cooling, rail and self-powered truck refrigeration, temporary heating and cooling, trailer refrigeration, unitary, and vehicle-powered truck refrigeration systems.
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